Comvest Partners’ direct lending arm is looking to up the stakes for its fifth flagship fundraise targeting the asset class.
The firm is hoping to collect up to $1.25bn for Comvest Credit Partners V according to a US regulatory filing, almost double the $650m it initially targeted for its predecessor vehicle closed last year.
Fund IV eventually gathered just over $830m, which has been focused on mid-market companies working across sectors including finance and technology, healthcare, transport, consumer and industrials.
The latest vehicle is expected to stick to the strategy of providing senior debt, unitranche credit facilities, junior debt and making equity co-investments.
Target transaction sizes for Fund IV ranged from $20m to $200m.
Comvest Partners invests across private equity and credit strategies, and currently has more than $3.3bn in assets under management.
Recent deals from its credit arm include providing a $50m senior secured credit facility to PM Pediatrics Management Group, a pediatric urgent care provider.
The firm has invested into a number of FinTech companies over the years. Last year, Comvest’s direct lending division supplied a £125m senior credit facility to Acima Credit. The company offers loans to consumers are the point of sale.
